Home Sales In Tallahassee

Home sales in Tallahassee are heating up, and if you are wondering what your money buys you, today's real estate graph is going to break it down by home size and value. Most of the real estate reports that we receive (provide) have so much detail, so this post will provide a simple view of what you can get for your money in the Tallahassee real estate market.

Home Sales In Tallahassee Image

In the real estate graph above, the green lines measure average home prices by price range, while the red line measures average value, displayed as price per square foot for homes sold between March 1, 2010 and February 28, 2011. It seems that the larger the home, the more it costs, and the more it costs per square foot as well.

Tallahassee Home Sales Data

Size Range Homes Sold Average Value Average Price
<1,000 199 $73 $65,525
1,000-1,499 958 $88 $112,507
1,500-1,999 606 $101 $174,492
2,000-2,499 343 $110 $244,077
2,500-2,999 163 $117 $316,379
3,000+ 137 $126 $475,593
Grand Total 2406 $98 $177,476

The average home sold in Tallahassee over the past twelve months (including single family detached homes, condominiums, and townhouses) was 1,820 square feet in size and sold for $177,476 (at a value of $98 per heated and cooled square foot). While I wouldn't want to use this information to determine the value of a specific home (like Zillow most likely would), it is a good macro view of the Tallahassee housing market.

Tallahassee Home Sales Information

The bulk of Tallahassee homes being sold fall between 1,000 and 2,000 square feet. According to the Tallahassee MLS, the most popular home size range falls between 1,000 and 1,500 square feet, with roughly 40% of all homes sold falling in this range. This is not surprising, because the average price in this price range is $112K and the next size range jumps to nearly $175K.

Home Sales Graph In Tallahassee Image

Homes For Sale Versus What Has Been Selling

The next real estate graph provides a picture of why many home sellers in Tallahassee are failing to sell their homes. If you want to sell a home in Tallahassee, price matters to prospective home buyers, so you must be priced competitively. Note the disconnect between asking prices and sold prices in each and every size range.

Tallahassee MLS Image

Prices are still dropping in the Tallahassee MLS, yet many home sellers are leaving a margin for negotiation that is all but removing them from the market (see video on pricing a home to sell). The real estate graph above shows the average home that sold is 1.2% bigger than it's counterpart that is for sale, yet the price differential is nearly 23%! The rules have changed on strategic pricing, and this is a lesson that the sellers in the red can learn from the sellers in the green.

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